“Investing in BBR provides us with the platform to gain a foothold in the cabotage-protected Indonesia market given BBR’s extensive network and strong presence in the country,” commented Mr Leong Seng Keat, CEO of Nam Cheong.

With the transaction, BBR has agreed to purchase five small-to-medium sized OSVs from Nam Cheong for a price of $85 million. In addition, Nam Cheong will gain approximately 30% of the enlarged share capital of BBR.

“This represents our second entry into vessel chartering in the vibrant Indonesian market. With this solid working relationship in place, we believe that it would strengthen our position in vessel chartering in Indonesia by further enhancing our presence in this vibrant market,” adds Seng Keat.

Along with this investment, Nam Cheong also notes that it has sold three more Anchor Handling Towing Supply (AHTS) vessels following a 5-vessel sale to BBR this month. Total orders for September are collectively worth approximately US$126.0 million, according to Nam Cheong.

One 59 meter, 5150 bhp 60 ton bollard pull AHTS was sold to Norway-based OSV owner/operator Vega Offshore Group and orders for two 6,500 bhp AHTS’ were secured from an undisclosed Asian owner and Netherlands-based Vroon B.V. These two ships are 65 meters in length, DP-2 and have 80 ton bollard pull capacity.